Treasury Secretary Scott Bessent on Wednesday assailed President Biden’s economic record, warning voters not to return to the era of high inflation and overregulation by sending Democrats to Congress in November’s midterm election.
Mr. Bessent’s prime-time speech at the Republicans’ midterm convention in Dallas marked the first time in 50 years that a sitting treasury secretary spoke at a national political convention, the last being William E. Simon at the Republican National Convention in 1976.
During his roughly 10-minute remarks, Mr. Bessent underscored the economic gains he said the U.S. has made under President Trump, while repeatedly calling back to Mr. Biden’s term in office, when inflation peaked at its highest levels in 40 years.
“Under Joe Biden, Democrats brought this country to the brink of ruin. They opened our borders and shuttered our factories; they imposed one set of rules on American workers while allowing our competitors to play by another,” Mr. Bessent said.
“Domestic energy became harder to produce, everyday life became more expensive, and businesses on Main Street became overburdened with red tape and overregulation. What a difference a new president can make,” he said.
Mr. Bessent also poked fun at Mr. Biden’s use of an autopen and penchant for falling asleep during meetings.
“In 15 short months, we’ve gone from autopen to overdrive. From a president who couldn’t stay awake to a president who never sleeps,” he said.
The treasury secretary underscored that giving Democrats control of Congress will return America to Mr. Biden’s policies, which voters rejected in 2024 by returning Mr. Trump to the White House.
He urged voters to support Mr. Trump and “not go back to the unfair trade or unfettered immigration” that occurred under Mr. Biden’s watch.
Inflation is still running at 3.4% year over year in July, up from 2.7% during the same period last year, according to the Bureau of Labor Statistics. July’s reading did fall from 3.5% in June, continuing a recent month-over-month decline.
It is far lower than the peak 9.1% inflation under Mr. Biden, but high enough to hurt Republicans’ prospects in the midterm elections.
Voters have also grown skeptical of Mr. Trump’s economic record.
A Gallup poll released last week found that 37% of adults approve of Mr. Trump’s handling of the economy, below his overall approval rating of 40%. The same poll found that voters’ view of Mr. Trump’s economy remained unchanged from July, even as his approval rating ticked up from 37% last month.
Please read our comment policy before commenting.